U.S. Jan. ISM manufacturing index 49.3% vs 51.4% in Dec.

WASHINGTON (MarketWatch) -- Factory activity in the United States contracted in January, the Institute for Supply Management reported Thursday. The ISM index fell to 49.3% in January from 51.4% in December. The decline was unexpected. The consensus forecast of estimates collected by Marketwatch was for the index to rise to 52.0%. A reading below 50 indicates contraction. The index had been above 50 since May 2003 but slipped below that level in two of the past three months. New orders fell to 50.3% in January from 51.9% in December. The employment index inched higher to 49.5% from 49.4%. The price index rose to 53.0% from 47.5%.

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